• 2024 Issued Standard – IFRS 3
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.

Business combinations are accounted for using the acquisition method.

Goodwill is measured as the excess of the aggregate of:

• consideration transferred;
• the non-controlling (minority) interest; and
• fair value of any previously held equity interest in acquiree, over the identifiable net assets of the acquiree.

The non-controlling (minority) interest is measured at acquisition either at fair value or as a proportion of the fair value of the net assets of the acquiree.

• IFRIC 17 Distributions of Non-cash Assets to Owners
  IFRIC 17 addresses the accounting for dividends of non-cash assets, including those where there is a cash alternative.
• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
  IFRIC 19 addresses the accounting by an entity which issues equity instruments in order to settle, in full or part, a financial liability.
• SIC 32 Intangible Assets – Website Costs
  SIC 32 addresses the appropriate accounting treatment for costs at each stage of the development of a website.

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.